Not too many surprises in the real estate market as 2018 winds down. 6,251 homes sold, down from last year’s record number, as buyers were pushed to buy earlier than planned due to the new mortgage regulations that were going into effect in the new year. The average selling price was up by 3.5% year-over-year to $788,345.
I believe we have gone back to a more traditional market, without the frenzy we have experienced the last few years. I have to smile as I say that, as some areas and price ranges (Leslieville and condominium apartments under $800,000) are still experiencing those conditions. However, other areas are experiencing more stable market conditions. The luxury market, homes over $2,000,000, are selling, but there is a lot of competition for buyers in that sector and sellers have to have their homes aggressively marketed in order to sell. You can’t just wait for the buyers to come around!
Some great opportunities exist in this market. Due to the mortgage changes, condominium apartments and semidetached homes in general, have gone up faster than townhomes or detached homes, so the “trade up” to a better better/bigger property is not as much as usual.
December and January are generally the fewest sales of the year, around 5,000 homes sold in each month, as fewer buyers are in the market due to the Holidays. A GREAT time to buy due to less competition!
If you are considering buying an investment property, (rental vacancies are at an all-time low), or thinking of trading up, give me a call and let me put my expertise to work for you.
Your Friend in Real Estate.
PS I am never too busy for your referrals!
Why Choose Peter Kwan of RE/MAX Realtron When Selling Your Home?
Real Estate Professional Peter Kwan has been serving home Sellers and Buyers in Toronto since 1991. He is a consistent Top Producer and has earned many awards throughout his career, including #1 Chinese agent in Canada.
Backed by the power of the RE/MAX network, Peter uses a combination of traditional and high tech tools to market properties to the greatest number of potential buyers worldwide. His website features community and Real Estate information, as well as Listings.
Peter is fluent in English, Cantonese and Mandarin. His aggressive and unique marketing plan gives all his clients' homes extraordinary exposure. SOLD FAST, and gets TOP DOLLAR! His success has been due to personal approach and integrity * dedicated service to his clients and the industry.
Peter is tireless in his efforts to serve his clients. He understands the needs of a family. By exceeding the expectations of his clients, Peter has earned their referrals and repeat business. He has the skills, knowledge and experience to achieve your Real Estate Goals.
Why Peter Kwan? Because…He specialize in you!
Peter Sold 1 Home Ever 2-3 Days since 2006.
Most of Peter's listings sold record breaking over asking price were without ineffective open houses, staging & even no For Sale sign on the property. Peter is very happy and appreciated if the owner allow him to install an overasking sign after Sold.
Peter is so confident that if owner found any real estate agent sold more properties in Ontario than Peter Kwan within the past 26 years, Peter is willing to match their commission plus a free air ride with Peter Kwan (Pilot in Command) on his private airplane.
No Free Lunch! Peter invests close to $1 Million every year just to Advertise!